The pharma industry expects to grow 58 per cent to $130 billion in the next five years from its current market value of $55 billion, driven by innovations, increasing exports, and a strong focus on affordability and efficiency.
Dr Veeramani, Chairman of Pharmexcil said the pharmaceutical industry stands as a global leader, exporting to over 200 countries and providing comprehensive solutions across APIs, finished dosages, clinical research and pharmacovigilance.
He said at the CPHI and PMEC India, a three-day expo, that the sector is poised for transformative growth from its current $55 billion to a projected $130 billion by 2030 and $450 billion by 2047 with innovations in biologics and specialty generics.
The impact of policies such as the US Biosecure Act will underline the industry’s potential to redefine healthcare solutions worldwide, he added.
With exports currently contributing $27.85 billion, India is solidifying its position as the ‘Pharmacy of the World.’
The industry’s advancements in biologics, specialty generics, and AI-driven technologies are redefining healthcare solutions worldwide.
India’s pharmaceutical sector is expected to continue its upward trajectory, with a target of a $1 trillion industry by 2047.
The expo has brought together over 2,000 exhibitors and 50,000 visitors from over 120 countries, including the USA, UAE, South Korea, Japan, and the UK.
Yogesh Mudras, Managing Director, Informa Markets in India said the pharmaceutical industry ranks third globally in pharmaceutical production by volume and 14th by value, contributing about 2 per cent to the nation’s GDP.
India is among the top 12 global biotechnology destinations and the third largest in the Asia-Pacific region, he said.
The leadership stems from key advantages such as a low manufacturing cost, which is 30-35 per cent lower than in the US and Europe, cost-efficient R&D at 87 per cent less than developed markets and an abundant pool of skilled labour, he added.